Introduction to Income Tax

Singapore University of Social Sciences

Introduction to Income Tax (ACC213)

Synopsis

ACC213 Introduction to Income Tax is an introductory course to the study of taxation in SUSS. It aims to provide students with an overview of Singapore’s Tax System, and in particular, Individual Income Tax, Goods and Services Tax (“GST”) and Stamp Duty. Students begin this course by grasping the concept of taxes and understanding the rationale for taxes in Singapore. Thereafter, students will study the key principles of Individual Income Tax, GST and Stamp Duty. They will also examine how the relevant taxes are administered by the Inland Revenue Authority of Singapore. Finally, students end this course by being able to apply the principles learnt to real life circumstances, compute the right amount of taxes and comply with the relevant filing and reporting requirements in Singapore. To excel in this course, students are required to familiarise themselves with the relevant laws, regulations and practice guidelines and communicate their understanding and application of the subject matter in a clear and professional manner, among others. This course will benefit students beyond the classroom as they progress in life to become future taxpayers and tax professionals.

Level: 2
Credit Units: 5
Presentation Pattern: Every semester

Topics

Singapore’s tax system
Rationale for taxes in Singapore
Principles of Income Tax
Taxation of local-sourced and foreign-sourced income
Taxation of self-employed individuals (i.e., sole proprietors) and employees
Taxation of resident and non-resident individuals
Principles of GST
Taxation of fully taxable and partially exempt businesses
Taxation of local consumptions
Taxation of imports
Principles of Stamp Duty
Taxation of dutiable instruments

Learning Outcome

Describe Singapore’s tax system
Explain the rationale for taxes in Singapore
Outline Singapore’s tax compliance requirements
Apply the principles of Income Tax, GST and Stamp Duty to real life circumstances
Compute income tax payable of an individual taxpayer
Calculate GST payable/recoverable of a GST-registered business
Appraise stamp duty payable on a dutiable instrument
Develop the essential knowledge and interpersonal skills to work effectively in a team
Demonstrate proficiency in written and verbal communication skills